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      Palladon Ventures Provides Corporate Update
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Salt Lake City, Utah, February 4, 2009. Palladon Ventures Ltd.
("Palladon" or the "Company") (TSX.V: PLL) (Frankfurt: PV-1) is pleased
to provide the following corporate update.

Palladon Ventures' wholly-owned subsidiary, Palladon Iron Corporation
("PIC"), continues to face hurdles in initiating shipments of its ore
from the Port of Long Beach. Consequently, the company has been
actively pursuing the feasibility of shipping from alternate ports on
the west coast. Negotiations are ongoing with many service providers to
finalize a viable total solution. Operationally, this effort remains
the company's highest priority.

Despite the challenging commodities markets, PIC continues to receive
positive indications regarding the desirability of its product as our
Chinese buyers reiterate their desire for immediate delivery of our
high-quality magnetite ore. PIC is making every effort to make this
happen quickly and economically.

The Board of Directors of Palladon Ventures created an Executive
Committee to formally assign resources of the board to assist
management in dealing with the numerous initiatives being pursued by
the Company. The Executive Committee is made up of Palladon CEO Don
Foot, and two independent board members. Initially those independent
board members are John Cutler and Robert Getz. The mandate from the
full board is that the executive committee pool talent from the board
and management to advance the Iron Mountain project to the shipping of
iron ore as soon as possible.

The Board of Directors also directed the Finance Committee, with Robert
Getz as its chairman, to take the lead on certain financial issues.
Specifically, the board gave the finance committee a mandate to
refinance the Company's existing indebtedness and to pursue any and all
strategic alternatives and opportunities.

Members of the board and management are working diligently to resolve
operational and financial issues in order to bring clarity to the
future course of the Company.

On Behalf of the Board of Directors,
Donald G. Foot, Jr.
President & Chief Executive Officer

About Palladon

Palladon Ventures Ltd. is a junior resource company focused on building
production facilities at the Comstock/Mountain Lion iron mine in Iron
County, Utah. Palladon also holds gold exploration projects in Nevada,
Utah and Argentina.


For Further Information Please Contact:
Donald G. Foot Jr.
President & CEO
Palladon Ventures Ltd.
801.521.5252 Tel
801.521.5454 Fax
Email: info@palladonventures.com
Website: www.palladonventures.com; www.ironbullmining.com

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements,
which reflect the expectations of management regarding the Company's:
(1) expectation to finalize negotiations with an alternate port; (2)
expectation that the Company's Chinese buyers continue to desire
delivery of the Company's products; (3) belief that the newly formed
Executive Committee will advance the Iron Mountain project to the
shipping of iron ore as soon as possible; and (4) belief that the newly
formed Finance Committee will be successful in refinancing the
Company's existing indebtedness and to pursue any and all strategic
alternative and opportunities. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding beliefs, plans, expectations or intentions regarding the
future. Such statements are subject to risks and uncertainties that may
cause actual results, performance or developments to differ materially
from those contained in the statements. No assurance can be given that
any of the events anticipated by the forward-looking statements will
occur or, if they do occur, what benefits the Company will obtain from
them. These forward-looking statements reflect management's current
views and are based on certain expectations, estimates and assumptions
which may prove to be incorrect. A number of risks and uncertainties
could cause our actual results to differ materially from those
expressed or implied by the forward-looking statements, including: (1)
a downturn in general economic conditions in North America and
internationally, (2) the inherent uncertainties and speculative nature
associated with mineral exploration and production, (3) a decreased
demand for minerals, (4) any number of events or causes which may delay
or cease exploration and development of the Company's property
interests, such as environmental liabilities, weather, mechanical
failures, safety concerns and labour problems; (5) the risk that the
Company does not execute its business plan, (6) inability to retain key
employees, (7) inability to finance operations and growth, (8) other
factors beyond the Company's control, (9) the risk that the Company's
may not be able to refinance existing indebtedness and (10) the risk
that the Company may not finalize an agreement with an alternative
port. These forward-looking statements are made as of the date of this
news release and, except as required by law, the Company assumes no
obligation to update these forward-looking statements, or to update the
reasons why actual results differed from those projected in the
forward-looking statements.


The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of the contents hereof.

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Copyright (c) 2009 PALLADON VENTURES LTD. (PLL)  All rights reserved.
For more information visit our website at
http://www.palladonventures.com/ or send
mailto:info@palladonventures.com
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